Abstract or Brief Description

FROM THE ARTICLE: "Contrary to the usual assumption that government debt is widely held, Mr Hager's data suggests ownership has become far more concentrated recently, echoing a wider concentration of wealth in the US. . . . [E]ven if you disagree with Mr Hager’s leftwing political bent, the data certainly casts a new light on the political dynamic in the current fiscal rows. To the wealthy elites in the US who hold government bonds, it seems self-evident that the government needs to preserve the sanctity and value of Treasuries; this group has a strong incentive to ensure this happens via fiscal reform (particularly if this entails budget cuts, rather than higher taxes.) But what is rarely debated is that millions of poor Americans have far less (or no) skin in the Treasuries game. Little wonder, then, that the fiscal debate is so polarised, and unlikely to become any less so any time soon."